SAXA Receives Approval to Develop Newly Designed University Square

Development to Include Hotel, Convention Center, Retail and Parking

TEMPE, Ariz. – University Square Investors, LLC, an Arizona development company comprised of SAXA, Inc. and Triyar Companies, recently received approval from the City of Tempe for the re-entitlement of University Square.   The 3.2-acre site, encompassing an entire block on the north side of University Drive between Forest and Myrtle Avenues, is located at the convergence of Arizona State University and Downtown Tempe.

The newly designed $200 million University Square includes a 242,000 square foot hotel with 328 rooms, a 95,000 square foot convention center capable of hosting the Valley’s largest functions, 111,000 square feet of first and second floor retail, 27,000 square feet of restaurants located on the top floor of the hotel and 1,217 below and above grade parking spaces. 

The new development, which was unanimously approved by the Tempe Development Review Commission and City Council, is substantially different than the previous University Square which had approximately 650,000 square feet of residential condominiums, 256,000 square feet of office space, a hotel, parking and limited retail.

Construction is scheduled to begin by Third Quarter 2009.  Construction will take approximately 24 months.

“We are extremely pleased to have reached this milestone,” says Jim Riggs, president of SAXA.  “We’re excited to bring to Tempe a development that meets the future and immediate demands of a growing city.  We listened to the City and thoroughly evaluated the market analysis when redesigning University Square.”

When complete, in addition to the hundreds of construction jobs the development will require, University Square will create more than 350 jobs for Tempe.

Scott Turkington, vice president of SAXA, is overseeing all aspects of the project’s development.  “The new University Square will become a ‘point of connectivity’ among the areas east and west and north and south of the site.  Among the hotel, convention center, restaurants and retail, the development will add to the existing vitality of Downtown Tempe and ASU.  University Square is better designed than the previously planned development and just as importantly, anchored by products that Tempe needs in order to remain on the forefront of Valley growth,” says Turkington. 

University Square is located on the north side of University Drive between Forest and Myrtle Avenues.  For specific information on University Square, contact Scott Turkington at SAXA at (480) 365-1524.  For information about SAXA, call Jan Weatherbee at the corporate headquarters in Scottsdale at (480) 365-1544 or visit the corporate website at http://www.saxainc.com/.

About Saxa, Inc.
SAXA is the nation’s largest developer of office condos and a leading developer of mixed-use projects that include retail, residential and office components. With approximately five million square feet developed in nine states, the company has earned seven NAIOP (National Association of Industrial and Office Properties) awards and is the industry pioneer in the office condo market. SAXA maintains offices in Scottsdale, Las Vegas and New York City. For more information, visit http://www.saxainc.com/.

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